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Greek Debt Now Junk

April 28, 2010

What happens when your debt gets out of control? Your credit score goes down, telling potential lenders that you are not a very good credit risk. This is basically what has happened to Greece. The S&P rating agency has essentially lowered Greece’s credit score, telling potential lenders (purchasers of Greek bonds) that they may not [...]

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Tips for Avoiding Mortgage Fraud

April 26, 2010

Recent reports indicate that mortgage fraud cases increased by 7% in 2009; if you’re buying or refinancing a home, these tips are useful for avoiding potential fraud or predatory lending practices.
Your Next Mortgage Loan: Common Sense is a Valuable Tool
Beware of unsolicited offers of help:
Scam artists know how to find prospects for their scams; don’t [...]

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Which Type Of Credit Card Debt Consolidation Loan Should You Get?

April 21, 2010

When it comes to credit card debt consolidation, you have options! You could refinance your mortgage, take out a personal loan, or transfer your balances to one credit card with a 0% interest rate. Consider the pros and cons of the following two options before making a final decision.
Refinance Your Mortgage
Pro: Mortgage interest rates are [...]

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Foreclosure of Primary Mortgage Foreclosure May Not Eliminate 2nd Mortgage Collection Efforts

April 19, 2010

The San Francisco Chronicle reports that some former homeowners who’ve lost their homes to foreclosure are being hounded by collectors attempting to collect on home equity loans and lines of credit. Although secondary mortgage loans are removed from a home’s title after the first mortgage lender forecloses, California state law allows lenders of home equity [...]

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Mortgage Write-downs Inspire Hope, Furor

April 14, 2010

Until recently, government and mortgage lender foreclosure avoidance programs have been reluctant to allow mortgage write-downs, which are reductions of mortgage loan amounts. The large number of homes that are worth less than the mortgage amounts owed on them is prompting more interest in allowing reductions of first mortgage amounts.
Lita Epstein, reporting for Housing Watch, [...]

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Three Ways To Cut Costs On Your Debt

How much is your debt costing you? You may be paying more than just interest. You may also be paying fees. If you don’t pay careful attention, the cost to service your debt can be very expensive. Following are three ideas to cut the costs associated with your debt. Start working on these debt relief [...]

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Mortgage Rates Rising as Prime Buying Season Approaches

April 8, 2010

Mortgage rates are rising, with rates for a 30 year fixed rate mortgage increasing to an average of 5.21% from last week’s rate of 5.08%. Higher mortgage rates, the approaching deadline for the federal homebuyer tax credit, and the approaching prime buying season spell trouble for home shoppers. Michelle Meyer, an economist at Barclays Capital [...]

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Sovereign Debt Making News Again

April 7, 2010

Debt Out Of Control
Interest rates in Greece are climbing because their excessive debt has investors spooked. Without more help from the European Union (EU) and the International Monetary Fund, Greece could default on their debt. Greece’s 2009 deficit is estimated to be about 13% of GDP, the biggest deficit in the EU.
Bad news in Greece [...]

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Mortgage Insurance Companies Report Turnaround in Delinquencies

April 1, 2010

Private mortgage insurance companies, which reimburse mortgage lenders for losses associated with mortgage delinquencies and foreclosure, are reporting encouraging data as of February 2010. 80,758 borrowers brought their delinquent mortgage payments current, while 68,675 new mortgage loan defaults were reported. This is the first time in four years that resolved delinquencies exceeded new delinquencies. Analysts [...]

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